Maize heads for all-time high, wheat up

South African white maize on the JSE Securities Exchange South Africa rocketed on Friday on the back of the continued lack of widespread rain in the country’s maize belt, at a time when farmers are trying to sow maize.

Wheat continued to stage a recovery, after registering a dramatic loss in value since the beginning of November. White maize, the country’s staple, headed towards an all-time high for the commodity — above R2 000 a ton.

The July white contract closed R45 up at R1 950 a ton, the fifth consecutive-trading-day that the contract has finished at a new high.


July white is now trading at full carry between new and old crop, indicating that the market is pricing in the dry period, since September, to continue indefinitely.

“July was up due to the hot, dry weather. Position rolling and squaring in December ahead of the first day for delivery of maize on Monday also played a role in pushing prices higher,” a trader in Pretoria said.

“As long as it doesn’t rain, white maize is going to continue up. It is really dry and every week there are forecasts for rain and little falls,” a Free State local trader said.

Yellow maize, which is used for animal feed, ended mixed, in listless trade, as yellow maize imports continue to depress prices.

July yellow contract finished R8 down at R1 485 a ton.

“Wheat is up as some players are caught short. Wheat prices are also offering good value at these levels. In addition, the dry weather is continuing to knock the late planted wheat crop in the Free State, so there will be a lower total wheat crop that previously expected,” a trader said.

On Friday, for the first time since November 6, March wheat’s 15-day relative strength index (RSI) rose to just below 30 after being much oversold for a sustained period.

The March wheat contract ended up R30 at R1 801 per ton while March sunflowers ended R45 higher at R2 550 a ton. – I-Net Bridge

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

2019: The ones who left us

From Uyinene Mrwetyana, Oliver Mtukudzi to Xolani Gwala, Mail & Guardian remembers those who have passed on

More battles ahead for domestic worker unions

Florence Sosiba, speaks to the Mail & Guardian about how important domestic workers are and exclusion in the COIDA

“Life has been good to me, considering where I come from” – Xolani Gwala

Just over a year ago, veteran radio presenter Xolani Gwala’s cancer was in remission. He spoke to the Mail & Guardian once he was back on air.

Kanya Cekeshe’s lawyer appeals decision not to grant him bail to the high court

Kanya Cekeshe’s legal team filed an urgent appeal at the Johannesburg high court on Tuesday against Monday’s judgment by magistrate Theunis Carstens.

Leader’s principal aim to build IFP

Gravitas: Velenkosini Hlabisa brings his experience to his new post as leader of the Inkatha Freedom Party.

Police Minister Bheke Cele addresses Jeppestown

Police minister Bheki Cele visited Jeppestown on Tuesday to speak to business owners and community leaders.
Advertising

Subscribers only

The shame of 40 000 missing education certificates

Graduates are being left in the lurch by a higher education department that is simply unable to deliver the crucial certificates proving their qualifications - in some cases dating back to 1992

The living nightmare of environmental activists who protest mine expansion

Last week Fikile Ntshangase was gunned down as activists fight mining company Tendele’s expansions. Community members tell the M&G about the ‘kill lists’ and the dread they live with every day

More top stories

The high road is in harm reduction

While the restriction of movement curtailed the health services for people who use drugs in some parts of the world, it propelled other countries into finding innovative ways to continue services, a new report reveals

Khaya Sithole: Tsakani Maluleke’s example – and challenge

Shattering the glass ceiling is not enough, the new auditor general must make ‘live’ audits the norm here in SA

State’s wage freeze sparks apoplexy

Public sector unions have cried foul over the government’s plan to freeze wages for three years and have vowed to fight back.

‘Veteran’s stripes’ vs ‘kind and fair’

This weekend the Democratic Alliance will choose between two starkly different visions for its future
Advertising

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday